When Should I Receive The Hud-1 Settlement Statement

What is when should i receive the hud-1 settlement statement?

When you are involved in a real estate transaction, you should receive the HUD-1 settlement statement at least 24 hours before the closing. This document outlines all the fees and charges associated with the sale of the property, ensuring transparency and clarity for all parties involved.

What are the types of when should i receive the hud-1 settlement statement?

There are two main types of HUD-1 settlement statements: the borrower's statement and the seller's statement. The borrower's statement details the buyer's costs and credits, while the seller's statement outlines the seller's expenses and proceeds from the sale.

Borrower's statement
Seller's statement

How to complete when should i receive the HUD-1 settlement statement

To complete the HUD-1 settlement statement, you will need to gather all relevant financial documents, review the closing costs, and ensure all information is accurate. Make sure to double-check all numbers and consult with your real estate agent or attorney if you have any questions.

01
Gather financial documents such as loan estimate, sales contract, and any other relevant paperwork
02
Review all closing costs and ensure accuracy
03
Consult with real estate agent or attorney if needed

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Questions & answers

In such case, the completed HUD-1 or HUD-1A shall be mailed or delivered to the borrower, seller, and lender (if the lender is not the settlement agent) as soon as practicable after settlement.
The settlement statement can be provided to the homebuyer and seller by the mortgage lender, settlement agent, title company or a real estate attorney. If you got your mortgage prior to October 2015, you received a HUD-1 settlement statement.
The HUD-1 and final TIL will be replaced by the Closing Disclosure (CD) which must be verified as delivered to the consumer (borrower) three days before loan documents can be signed. Seller will receive a separate Seller CD. Tolerances have been narrowed and are now called “good faith variations”.
(b) Charges to be stated. The settlement agent shall complete the HUD-1 or HUD-1A, in accordance with the instructions set forth in appendix A to this part. The loan originator must transmit to the settlement agent all information necessary to complete the HUD-1 or HUD-1A.
Another big distinction between the Closing Disclosure and the HUD-1 is where the HUD-1 listed all terms, charges and credits for both the buyer and the seller, the Closing Disclosure has a separate form for the buyer as it does for the seller. This provides for more consumer protection at the closing table.
A HUD-1 or HUD-1A Settlement Statement is prepared by a creditor or, more typically, by the settlement agent who conducts the closing on the creditor's behalf.